Irish customers can now have their salaries paid into their Revolut accounts and set up direct debits after the financial app rolled out Irish Ibans for customers here.
The international bank account number (Iban) is an internationally agreed system of identifying bank accounts across national borders.
Since last week, anyone opening a new Revolut account in Ireland has been allocated a new Iban, beginning with the letters “IE”.
Revolut was required to give its existing two million Irish customers two months’ notice of a change in account details. Those existing customers will start getting their new Irish account details from the end of this month.
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I’m in my 70s and have €500,000 in savings. If I need to go into a nursing home, what happens if I run out of money?
By adding Irish Ibans to the existing deposit protection guarantee, Revolut has now ensured customers can use their Revolut account as their main bank account.
Until now, some Revolut customers may have experienced Iban discrimination using their Lithuanian Iban. For example, an employer or service provider may have refused to accept an Iban from a different country within the Single European Payments Area (SEPA).
By providing an Irish Iban, this will no longer be a problem, Revolut said.
Currently, Revolut customers in Ireland have a Lithuanian IBAN in their euro bank account. Revolut will migrate Irish customers to the Irish branch of Revolut Bank UAB, its European business, and replace their Lithuanian Ibans with Irish ones.
For a limited time, those customers will be able to accept payments to their old Lithuanian Ibans. However each time this happens they will be notified that they need to switch the payment to their Irish Iban, as the Lithuanian one will be shut down.
